Joshua Manocherian Asks: Are You Ready to Work Long Hours to Manage a Restaurant?
Let’s face it; being your own boss isn’t all that it’s cut out to be, especially when you’re just at the early stages of your business. Hi, friends! It’s Joshua Manocherian, former professional photographer and current restaurateur. When I decided to open a restaurant with my wife, I knew that it would mean giving up leisure hours and weekends but I didn’t expect it to take over my life! That’s how it was, at least during the planning stage and throughout the first few months of operations.
So if you’re thinking about opening your own small restaurant, here’s something to ponder on: Would you give up your life to see your dreams come into fruition? And by life, I mean quality time with your friends and family, and time you usually spend on your hobbies or things that you love to do. You’ll also never have any “alone” time while you’re still launching your restaurant so forget about that for awhile. Are you ready?
If your answer is yes; congratulations! You’re on your way to greater and bigger things! Before anything else, you’ve got to come up with a solid plan. Even if you have the best chef on your team, or you managed to grab the perfect location, there is still a chance that your small business could fail. As a matter of fact, studies have shown that about 60% of independent restaurants fail within the first five years of business. I mentioned this detail not to derail you or dissuade you from pursuing your dreams; on the contrary, I mentioned it to help you plan ahead.
Creating a Business Plan
You’ve got an idea about the kind of restaurant you’d like to open; you even have a couple of “specialties” already in mind for your menu, but unless you figure out a detailed business plan, your idea might never fly.
Here’s a general breakdown of the details that you will need to work on:
- Problem or need that you can address
- Your solution to the problem or need
- Target audience
- Marketing and advertising
- Team and each member’s role
- Partners, suppliers, and other external resources
Looking at the list, you may already feel a bit overwhelmed by all the things that you need to plan for before you can even begin to work on the physical details of your restaurant. But like what they say, anything worth having isn’t easy. I’d also like to add that anything worth having deserves your time, attention, and effort. If you’re truly passionate about opening your own restaurant, these little details won’t bother you at all. As a matter of fact, you welcome the challenge!
Given that there’s so much to do, you’ve got to give yourself at least six months to plan, execute and launch your restaurant business. And during this time, it would be wise to keep working at your day job because you still have to pay for your living expenses.
I will talk about details of a business plan I mentioned above in my upcoming posts so I invite you to check back again soon. This is Joshua Manocherian and I look forward to seeing you here again!